Thursday, February 08, 2007

Good day but greed got to me

I got 200 shares at 74.35. Stock rallies to 75.98 giving me 1.63 but I was very greedy. I drew a fib extension from the previous days low to the break out level and got a target of 76.50 at the 138.2 extension. Stock hit a brick wall at 76 and I stubbornly held on. I finally got out at 74.90. Then I pissed my profits away trying to play a bounce on the stock. I ended up making a measly 2 dollars before commissions.

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About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year.
My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets.
In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.